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Financial Accounting: The Impact on Decision Makers 10th Edition

Financial Accounting: The Impact on Decision Makers (10th Edition)

Book Edition10th Edition
Author(s)Norton, Porter
ISBN9781305654174
PublisherCengage Learning
SubjectAccounting
Chapter 2, End of Chapter, Exercises, Exercise 2-13
Page 84

Single- and Multiple-Step Income Statement

 

Some headings and/or items are used on either the single- or multiple-step income statement. Some are used on both. Identify each of the following items as single-step (S), multiple-step (M), both formats (B), or not used on either income statement (N).

  1. Sales
  2. Cost of goods sold 
  3. Selling expenses
  4. Total revenues
  5. Utilities expense
  6. Administrative expense
  7. Net income
  8. Supplies on hand
  9. Accumulated depreciation
  10. Income before income taxes
  11. Gross profit

Verified Answer and Explanation

Here are some tips:

1
molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet.
2
Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus a

Explanation

gue
s ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor
isc
e vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui
dic
inia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lore
mol
m risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
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